India, also known as the Republic of India, is a country in South Asia with the capital in the city of New Dehli. India is composed of 29 states and 7 union territories (including a national capital territory).
India’s renewables market outlook
India’s growing demand for electrical power will force the market to grow more than six times by 2050. India will outrun the U.S. to become the world’s second-biggest energy system by 2044. India has the cheapest solar and wind power in the world, but coal still remains competitive. 170 GW of new coal facilities will be commissioned by 2050. The state will also build 1.5 TW of renewables with solar PV accounting for 70% of the capacities, to contribute 67% to the electricity mix. India’s emissions will peak in 2038, and then fall 11% from the peak by 2050, which is still 50% more than now.
India’s renewable energy policy
India’s incumbent Prime Minister Narendra Modi has made India one of the leaders of the global renewable energy market.
India’s energy portfolio has changed considerably from a major share of traditional coal generation since Modi’s first ambitious statement in 2015 that 175 GW of renewable facilities would be built until March 2022. The target is unlikely to be reached due to slower than expected implementation of the solar roof program, but the policy gave a tremendous impetus to the whole industry.
During Modi’s five years in power, installed renewable capacity more than doubled to 79 GW in May 2019 from 32 GW in May 2014.
Wind energy in India
India held its debut wind power auction only in February 2017 as it had been initially focused on solar power. It was a good starting point for the segment’s development which had so far stagnated at around 2.5-3 GW of installed capacity annually. BNEF expects India’s onshore wind power market to advance to some 5 GW of installed capacity until 2022. In 2020, the government may hold its debut offshore wind auction.
Advanced transport in India
Electric vehicles (EVs) in India
Electric transport is still a small segment in India. In 2018, the state sold only 3,000 EVs as compared with 3.4 million combustion engine cars. Two- and three-wheeled EVs are still the first choice for India and other Asian markets.
India's latest energy market news
- BNEF: Global clean energy investment falls in H1 2019
- Floating solar projects multiply around globe
- BNEF: New Energy Outlook (NEO) 2019
- BNEF: PM Modi to keep on developing India’s renewable energy market in new term
- Wind Hits Record Highs: 62 GW of Wind Capacities Installed by 2016